Almunajem H1 2024 profit up 28% to SAR 177.8M; Q2 at SAR 63.8M

25/07/2024 Argaam Exclusive

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Almunajem Foods Co. reported net earnings of SAR 177.8 million in H1 2024, a 28% increase from SAR 139.4 million a year earlier.

Financials (M)

Item	6m 2023	6m 2024	Change‬
Revenues	1,674.35	1,729.23	3.3 %
Gross Income	290.93	328.88	13.0 %
Operating Income	142.48	175.86	23.4 %
Net Income	139.45	177.82	27.5 %
Average Shares	60.00	60.00	-
EPS (Riyals)	2.32	2.96	27.5 %

The profit increase is driven by a 3.3% increase in revenue due to higher sales volume in most of the segments, except for the red and white meat segment, supported by improved trade conditions.

Meanwhile, gross profit margins grew by 13%, driven by improved gross profit margins for the red and white meat and dairy segments.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2023	Q2 2024	Change‬
Revenues	772.39	826.29	7.0 %
Gross Income	135.22	133.13	(1.5 %)
Operating Income	60.74	59.02	(2.8 %)
Net Income	57.56	63.82	10.9 %
Average Shares	60.00	60.00	-
EPS (Riyals)	0.96	1.06	10.9 %

Item	Q1 2024	Q2 2024	Change‬
Revenues	902.95	826.29	(8.5 %)
Gross Income	195.76	133.13	(32.0 %)
Operating Income	116.83	59.02	(49.5 %)
Net Income	114.00	63.82	(44.0 %)
Average Shares	60.00	60.00	-
EPS (Riyals)	1.90	1.06	(44.0 %)

Q2 2024 net profit reached SAR 63.8 million, a rise of 10.8% from SAR 57.56 million a year earlier.

On a quarterly basis, Q2 net earnings fell 44% from SAR 114 million.

Shareholders’ equity, no minority interest, stood at SAR 1.03 billion as of June 30, 2024, compared to SAR 980 million in the prior-year period.

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Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
Q1 2015	-	-	-	-	-	-
Q2 2015	-	-	-	-	-	-
Q3 2015	-	-	-	-	-	-
Q4 2015	-	-	-	-	-	-
2015	-	-	-	-	-	-
Q1 2016	-	-	-	-	-	-
Q2 2016	-	-	-	-	-	-
Q3 2016	-	-	-	-	-	-
Q4 2016	-	-	-	-	-	-
2016	-	-	-	-	-	-
Q1 2017	-	-	-	-	-	-
Q2 2017	-	-	-	-	-	-
Q3 2017	-	-	-	-	-	-
Q4 2017	-	-	-	-	-	-
2017	2,482.24	-	383.93	-	161.99	-
Q1 2018	-	-	-	-	-	-
Q2 2018	-	-	-	-	-	-
Q3 2018	-	-	-	-	-	-
Q4 2018	-	-	-	-	-	-
2018	2,497.35	0.6 %	411.87	7.3 %	184.38	13.8 %
Q1 2019	-	-	-	-	-	-
Q2 2019	-	-	-	-	-	-
Q3 2019	-	-	-	-	-	-
Q4 2019	-	-	-	-	-	-
2019	2,419.06	(3.1 %)	334.65	(18.7 %)	104.03	(43.6 %)
Q1 2020	687.58	-	138.11	-	77.63	-
Q2 2020	602.41	-	126.89	-	61.62	-
Q3 2020	626.38	-	122.27	-	60.68	-
Q4 2020	622.09	-	100.28	-	30.96	-
2020	2,538.45	4.9 %	487.55	45.7 %	230.88	121.9 %
Q1 2021	628.06	(8.7 %)	97.44	(29.5 %)	33.21	(57.2 %)
Q2 2021	614.48	2.0 %	109.00	(14.1 %)	41.10	(33.3 %)
Q3 2021	654.99	4.6 %	119.60	(2.2 %)	55.44	(8.6 %)
Q4 2021	679.50	9.2 %	115.34	15.0 %	49.12	58.6 %
2021	2,577.02	1.5 %	441.37	(9.5 %)	178.88	(22.5 %)
Q1 2022	788.01	25.5 %	172.53	77.1 %	101.18	204.7 %
Q2 2022	712.48	15.9 %	195.96	79.8 %	121.75	196.2 %
Q3 2022	730.20	11.5 %	123.78	3.5 %	55.23	(0.4 %)
Q4 2022	747.84	10.1 %	90.99	(21.1 %)	23.88	(51.4 %)
2022	2,978.52	15.6 %	583.26	32.1 %	302.04	68.9 %
Q1 2023	901.96	14.5 %	155.71	(9.7 %)	81.73	(19.2 %)
Q2 2023	772.39	8.4 %	135.22	(31.0 %)	60.74	(50.1 %)
Q3 2023	810.88	11.0 %	134.91	9.0 %	64.66	17.1 %
Q4 2023	829.18	10.9 %	156.47	72.0 %	86.50	262.2 %
2023	3,314.40	11.3 %	582.31	(0.2 %)	293.64	(2.8 %)
Q1 2024	902.95	0.1 %	195.76	25.7 %	116.83	42.9 %
Q2 2024	826.29	7.0 %	133.13	(1.5 %)	59.02	(2.8 %)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
2014	-	-	-	-	-	-
2015	-	-	-	-	-	-
2016	-	-	-	-	-	-
2017	2,482.24	-	383.93	-	161.99	-
2018	2,497.35	0.6 %	411.87	7.3 %	184.38	13.8 %
2019	2,419.06	(3.1 %)	334.65	(18.7 %)	104.03	(43.6 %)
2020	2,538.45	4.9 %	487.55	45.7 %	230.88	121.9 %
2021	2,577.02	1.5 %	441.37	(9.5 %)	178.88	(22.5 %)
2022	2,978.52	15.6 %	583.26	32.1 %	302.04	68.9 %
2023	3,314.40	11.3 %	582.31	(0.2 %)	293.64	(2.8 %)

Profit Performance (Million)

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
Q1 2015	-	-	-	-	-	-
Q2 2015	-	-	-	-	-	-
Q3 2015	-	-	-	-	-	-
Q4 2015	-	-	-	-	-	-
2015	-	-	-	-	-	-
Q1 2016	-	-	-	-	-	-
Q2 2016	-	-	-	-	-	-
Q3 2016	-	-	-	-	-	-
Q4 2016	-	-	-	-	-	-
2016	-	-	-	-	-	-
Q1 2017	-	-	-	-	-	-
Q2 2017	-	-	-	-	-	-
Q3 2017	-	-	-	-	-	-
Q4 2017	-	-	-	-	-	-
2017	163.25	-	2.72	-	163.25	2.72
Q1 2018	-	-	-	-	-	-
Q2 2018	-	-	-	-	-	-
Q3 2018	-	-	-	-	-	-
Q4 2018	-	-	-	-	-	-
2018	149.48	(8.4 %)	2.49	(23.48)	172.96	2.88
Q1 2019	-	-	-	-	-	-
Q2 2019	-	-	-	-	-	-
Q3 2019	-	-	-	-	-	-
Q4 2019	-	-	-	-	-	-
2019	109.17	(27.0 %)	1.82	12.41	96.76	1.61
Q1 2020	75.67	-	1.26	-	75.67	1.26
Q2 2020	59.42	-	0.99	-	59.42	0.99
Q3 2020	66.80	-	1.11	10.25	56.55	0.94
Q4 2020	27.79	-	0.46	-	27.79	0.46
2020	229.68	110.4 %	3.83	10.25	219.43	3.66
Q1 2021	29.47	(61.1 %)	0.49	-	29.47	0.49
Q2 2021	37.99	(36.1 %)	0.63	-	37.99	0.63
Q3 2021	52.66	(21.2 %)	0.88	-	52.66	0.88
Q4 2021	45.98	65.5 %	0.77	-	45.98	0.77
2021	166.09	(27.7 %)	2.77	-	166.09	2.77
Q1 2022	97.56	231.1 %	1.63	-	97.56	1.63
Q2 2022	122.12	221.5 %	2.04	2.50	119.62	1.99
Q3 2022	53.62	1.8 %	0.89	-	53.62	0.89
Q4 2022	16.90	(63.2 %)	0.28	-	16.90	0.28
2022	290.20	74.7 %	4.84	2.50	287.70	4.80
Q1 2023	81.88	(16.1 %)	1.36	5.50	76.38	1.27
Q2 2023	57.56	(52.9 %)	0.96	-	57.56	0.96
Q3 2023	61.14	14.0 %	1.02	-	61.14	1.02
Q4 2023	81.62	383.1 %	1.36	-	81.62	1.36
2023	282.21	(2.8 %)	4.70	5.50	276.71	4.61
Q1 2024	114.00	39.2 %	1.90	-	114.00	1.90
Q2 2024	63.82	10.9 %	1.06	-	63.82	1.06

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
2014	-	-	-	-	-	-
2015	-	-	-	-	-	-
2016	-	-	-	-	-	-
2017	163.25	-	2.72	-	163.25	2.72
2018	149.48	(8.4 %)	2.49	(23.48)	172.96	2.88
2019	109.17	(27.0 %)	1.82	12.41	96.76	1.61
2020	229.68	110.4 %	3.83	10.25	219.43	3.66
2021	166.09	(27.7 %)	2.77	-	166.09	2.77
2022	290.20	74.7 %	4.84	2.50	287.70	4.80
2023	282.21	(2.8 %)	4.70	5.50	276.71	4.61

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2015	-	-	-
Q2 2015	-	-	-
Q3 2015	-	-	-
Q4 2015	-	-	-
2015	-	-	-
Q1 2016	-	-	-
Q2 2016	-	-	-
Q3 2016	-	-	-
Q4 2016	-	-	-
2016	-	-	-
Q1 2017	-	-	-
Q2 2017	-	-	-
Q3 2017	-	-	-
Q4 2017	-	-	-
2017	15.47 %	7.62 %	6.58 %
Q1 2018	-	-	-
Q2 2018	-	-	-
Q3 2018	-	-	-
Q4 2018	-	-	-
2018	16.49 %	8.49 %	6.93 %
Q1 2019	-	-	-
Q2 2019	-	-	-
Q3 2019	-	-	-
Q4 2019	-	-	-
2019	13.83 %	5.71 %	4.00 %
Q1 2020	-	-	-
Q2 2020	-	-	-
Q3 2020	-	-	-
Q4 2020	19.21 %	10.55 %	8.64 %
2020	19.21 %	10.55 %	8.64 %
Q1 2021	18.03 %	9.02 %	6.99 %
Q2 2021	17.22 %	8.14 %	6.09 %
Q3 2021	16.92 %	7.82 %	5.87 %
Q4 2021	17.13 %	8.34 %	6.45 %
2021	17.13 %	8.34 %	6.45 %
Q1 2022	18.87 %	10.35 %	8.56 %
Q2 2022	21.28 %	12.86 %	11.14 %
Q3 2022	20.88 %	12.56 %	10.89 %
Q4 2022	19.58 %	11.45 %	9.66 %
2022	19.58 %	11.45 %	9.66 %
Q1 2023	18.32 %	10.37 %	8.62 %
Q2 2023	16.04 %	8.22 %	6.49 %
Q3 2023	15.99 %	8.29 %	6.56 %
Q4 2023	17.57 %	9.96 %	8.35 %
2023	17.57 %	9.96 %	8.35 %
Q1 2024	18.77 %	11.04 %	9.48 %
Q2 2024	18.41 %	10.82 %	9.52 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2014	-	-	-
2015	-	-	-
2016	-	-	-
2017	15.47 %	7.62 %	6.58 %
2018	16.49 %	8.49 %	6.93 %
2019	13.83 %	5.71 %	4.00 %
2020	19.21 %	10.55 %	8.64 %
2021	17.13 %	8.34 %	6.45 %
2022	19.58 %	11.45 %	9.66 %
2023	17.57 %	9.96 %	8.35 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2015	-	-	-
Q2 2015	-	-	-
Q3 2015	-	-	-
Q4 2015	-	-	-
Q1 2016	-	-	-
Q2 2016	-	-	-
Q3 2016	-	-	-
Q4 2016	-	-	-
Q1 2017	-	-	-
Q2 2017	-	-	-
Q3 2017	-	-	-
Q4 2017	-	-	-
Q1 2018	-	-	-
Q2 2018	-	-	-
Q3 2018	-	-	-
Q4 2018	-	-	-
Q1 2019	-	-	-
Q2 2019	-	-	-
Q3 2019	-	-	-
Q4 2019	-	-	-
Q1 2020	20.09 %	12.60 %	11.00 %
Q2 2020	21.06 %	11.76 %	9.86 %
Q3 2020	19.52 %	11.21 %	9.03 %
Q4 2020	16.12 %	6.46 %	4.47 %
Q1 2021	15.51 %	6.73 %	4.69 %
Q2 2021	17.74 %	8.17 %	6.18 %
Q3 2021	18.26 %	9.81 %	8.04 %
Q4 2021	16.97 %	8.57 %	6.77 %
Q1 2022	21.89 %	14.04 %	12.38 %
Q2 2022	27.50 %	18.45 %	16.79 %
Q3 2022	16.95 %	8.91 %	7.34 %
Q4 2022	12.17 %	4.53 %	2.26 %
Q1 2023	17.26 %	10.01 %	8.47 %
Q2 2023	17.51 %	9.07 %	7.45 %
Q3 2023	16.64 %	9.12 %	7.54 %
Q4 2023	18.87 %	11.55 %	9.84 %
Q1 2024	21.68 %	13.98 %	12.63 %
Q2 2024	16.11 %	8.32 %	7.72 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2015	-	-	-	-
Q2 2015	-	-	-	-
Q3 2015	-	-	-	-
Q4 2015	-	-	-	-
Q1 2016	-	-	-	-
Q2 2016	-	-	-	-
Q3 2016	-	-	-	-
Q4 2016	-	-	-	-
Q1 2017	-	-	-	-
Q2 2017	-	-	-	-
Q3 2017	-	-	-	-
Q4 2017	-	-	-	-
Q1 2018	-	-	-	-
Q2 2018	-	-	-	-
Q3 2018	-	-	-	-
Q4 2018	-	-	-	-
Q1 2019	-	-	-	-
Q2 2019	-	-	-	-
Q3 2019	-	-	-	-
Q4 2019	-	-	-	-
Q1 2020	60.00	-	-	8.99
Q2 2020	60.00	-	-	8.76
Q3 2020	60.00	-	-	8.41
Q4 2020	60.00	3.83	3.66	10.67
Q1 2021	60.00	3.06	2.89	11.17
Q2 2021	60.00	2.70	2.53	11.80
Q3 2021	60.00	2.47	2.47	12.68
Q4 2021	60.00	2.77	2.77	13.41
Q1 2022	60.00	3.90	3.90	15.04
Q2 2022	60.00	5.31	5.26	15.07
Q3 2022	60.00	5.32	5.28	14.72
Q4 2022	60.00	4.84	4.80	15.01
Q1 2023	60.00	4.58	4.44	16.37
Q2 2023	60.00	3.50	3.41	16.33
Q3 2023	60.00	3.62	3.53	16.10
Q4 2023	60.00	4.70	4.61	15.46
Q1 2024	60.00	5.24	5.24	17.36
Q2 2024	60.00	5.34	5.34	17.17

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2014	-	-	-	-
2015	-	-	-	-
2016	-	-	-	-
2017	60.00	2.72	2.72	8.88
2018	60.00	2.49	2.88	7.97
2019	60.00	1.82	1.61	7.73
2020	60.00	3.83	3.66	10.67
2021	60.00	2.77	2.77	13.41
2022	60.00	4.84	4.80	15.01
2023	60.00	4.70	4.61	15.46

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2015	-	-	-
Q2 2015	-	-	-
Q3 2015	-	-	-
Q4 2015	-	-	-
Q1 2016	-	-	-
Q2 2016	-	-	-
Q3 2016	-	-	-
Q4 2016	-	-	-
Q1 2017	-	-	-
Q2 2017	-	-	-
Q3 2017	-	-	-
Q4 2017	-	-	-
Q1 2018	-	-	-
Q2 2018	-	-	-
Q3 2018	-	-	-
Q4 2018	-	-	-
Q1 2019	-	-	-
Q2 2019	-	-	-
Q3 2019	-	-	-
Q4 2019	-	-	-
Q1 2020	-	-	-
Q2 2020	-	-	-
Q3 2020	-	-	-
Q4 2020	-	-	-
Q1 2021	-	-	-
Q2 2021	-	-	-
Q3 2021	-	-	-
Q4 2021	20.99	20.99	4.33
Q1 2022	15.63	15.63	4.06
Q2 2022	11.10	11.19	3.91
Q3 2022	12.97	13.07	4.69
Q4 2022	12.69	12.80	4.09
Q1 2023	12.72	13.10	3.55
Q2 2023	18.72	19.22	4.01
Q3 2023	19.37	19.87	4.36
Q4 2023	15.67	15.98	4.77
Q1 2024	20.46	20.46	6.18
Q2 2024	19.61	19.61	6.10

Period	P/E	Adjusted P/E	Price/book
2014	-	-	-
2015	-	-	-
2016	-	-	-
2017	-	-	-
2018	-	-	-
2019	-	-	-
2020	-	-	-
2021	20.99	20.99	4.33
2022	12.69	12.80	4.09
2023	15.67	15.98	4.77

Business Segments (Million)

Compared With The

Period	Wholesale goods-in-transit& food services	Retail goods-in-transit	Storage rent revenue
Q1 2020	401.89	284.09	1.60
Q2 2020	304.78	295.59	2.04
Q3 2020	384.57	239.88	1.93
Q4 2020	392.00	228.55	1.54
Q1 2021	348.08	278.34	1.63
Q2 2021	378.14	234.31	2.04
Q3 2021	421.05	231.70	2.24
Q4 2021	442.62	234.47	2.40
Q1 2022	458.20	326.49	3.32
Q2 2022	421.01	288.15	3.31
Q3 2022	427.49	299.79	2.92
Q4 2022	442.14	303.20	2.50
Q1 2023	485.63	412.86	3.48
Q2 2023	492.04	276.47	3.88
Q3 2023	484.79	323.02	3.06
Q4 2023	515.97	310.21	3.00
Q1 2024	478.62	421.70	2.63
Q2 2024	507.05	315.91	3.33

Period	Wholesale goods-in-transit& food services	Retail goods-in-transit	Storage rent revenue
2019	1,543.80	867.45	7.81
2020	1,483.24	1,048.11	7.10
2021	1,589.88	978.83	8.31
2022	1,748.94	1,217.54	12.04
2023	1,978.42	1,322.57	13.42

Analysts Estimates (Million)

Item	Q2 2024 (e)	Q2 2024 (a)	Change‬
Average	85.00	63.82	(24.9 %)

Estimates vs Actual (Million)

Item	Q2 2024 (e)	Q2 2024 (a)	Change
Al Rajhi Capital	85.00	63.82	(24.9) %

Financial Ratios

	Current
Market Cap (M Riyal)	5,790.00
Enterprise Value (EV) (M)	5,813.52
Shares Outstanding ((M))	60.00
EPS ( Riyal) (TTM)	5.00
Book Value (BV) ( Riyal)	17.85
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	19.30
P/E (TTM)	19.30
Price/book	5.41
Return on Average Assets (%) (TTM)	18.4
Return on Average Equity (%) (TTM)	29.5

Almunajem Foods Co. (ALMUNAJEM)

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Almunajem H1 2024 profit up 28% to SAR 177.8M; Q2 at SAR 63.8M

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Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profit Performance (Million)

Profit Performance (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million)

Revenue by Business Segment (Latest) 2024 Q2

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

Share Price

Almunajem Foods Co. (ALMUNAJEM)

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Almunajem H1 2024 profit up 28% to SAR 177.8M; Q2 at SAR 63.8M

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Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profit Performance (Million)

Profit Performance (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million) Q2 2024

Revenue by Business Segment (Latest) 2024 Q2

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

Share Price

Almunajem Foods Co. (ALMUNAJEM)

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Business Segments (Million)